Flash: Just Energy Customer Growth Steady

In reporting earnings this morning, Just Energy said that its customer count as of September 30, 2011 stood at 3.403 million Residential Customer Equivalents (RCEs).

That represents net growth of 45,000 RCEs since July 1, 2011, which is essentially even with the net growth of 44,000 RCEs seen from April 1, 2011 to June 30, 2011.

Year-ago customer count as of September 30, 2010 had been 3.161 million RCEs.

Just Energy's acquisition of the Fulcrum retail businesses closed after the end of the quarter, and the Fulcrum customers are not reflected in the customer counts.

U.S. electric RCEs were 1.548 million RCEs as of September 30, 2011, versus 1.452 million as of July 1, 2011. The net growth of 96,000 U.S. electric RCEs is down marginally from the net growth of 104,000 from April 1, 2011 to June 30, 2011.

U.S. natural gas RCEs were 570,000 as of September 30, 2011, up versus 567,000 as of July 1, 2011, and reversing the loss of 7,000 gas RCEs from April 1, 2011 to June 30, 2011.

Just Energy's Canadian electric and gas customer books both saw declines versus the July 1, 2011 totals.

Across all books, the net growth of 45,000 RCEs in the last three months sequentially resulted from gross additions of 238,000 RCEs, attrition of 121,000 RCEs, and 72,000 RCEs which failed to renew.

Of the 238,000 gross RCE additions, new commercial RCEs accounted 154,000 of the total.